"The board and main shareholders chose the debt option at the time, which led to Arsenal going almost 10 years without winning a domestic title or the Champions League," he told the Telegraph.

"The first trophy only arrived in the 10th year. As a result of this choice, they were selling players and were unable to buy top players.

"These difficulties have now been overcome and the team is in a good state; the club's finances are in order and I believe that Arsene Wenger and the club's CEO [Ivan Gazidis] will manage them correctly."